30. Debt securities in issue

As at 31 December 2014

 
Debt securities in issue by category Nominal value Contractual interest rate Guarantee/collateral Redemption date Carrying value
Short-term issues 2 978 911       2 994 568
Bonds (in PLN) 50 000 3.31% no collateral 16-03-2015 50 072
Mortgage bonds (in PLN) 78 611 3.03% mortgage bond register 15-05-2015 78 799
Mortgage bonds (in PLN) 100 000 3.56% mortgage bond register 07-07-2015 101 695
Mortgage bonds (in PLN) 57 150 3.99% mortgage bonds publicly registered 28-07-2015 57 911
Mortgage bonds (in PLN) 100 000 3.66% mortgage bond register 28-09-2015 100 891
Bonds (in EUR) 2 131 150 2.75% guarantee 12-10-2015 2 141 691
Bonds (in PLN) 385 000 3.55% no collateral 23-11-2015 386 423
Mortgage bonds (in PLN) 77 000 3.23% mortgage bonds publicly registered 30-11-2015 77 086
Debt securities in issue by category Nominal value Contractual interest rate Guarantee/collateral Redemption date Carrying value
Long-term issues 7 331 869       7 347 174
Mortgage bonds (in PLN) 145 700 3.15% mortgage bond register 20-04-2016 146 237
Mortgage bonds (in PLN) 149 500 4.09% mortgage bonds publicly registered 28-09-2016 150 879
Mortgage bonds (in PLN) 31 000 3.73% mortgage bond register 15-11-2016 28 900
Mortgage bonds (in PLN) 172 750 3.30% mortgage bond register 20-04-2017 173 521
Mortgage bonds (in PLN) 150 000 3.03% mortgage bond register 16-06-2017 149 549
Bonds (in PLN) 42 623 2.08% mortgage bond register 19-10-2017 42 745
Mortgage bonds (in EUR) 31 967 1.10% mortgage bond register 15-02-2018 31 945
Mortgage bonds (in EUR) 103 900 3.74% mortgage bond register 15-06-2018 103 369
Euroobligacje (CHF) 708 965 2.50% guarantee 08-10-2018 710 272
Mortgage bonds (in EUR) 213 115 1.21% mortgage bond register 22-10-2018 213 164
Mortgage bonds (in EUR) 85 246 1.12% mortgage bond register 22-10-2018 85 000
Bonds (in CZK) 76 840 2.32% guarantee 06-12-2018 76 963
Bonds (in PLN) 12 000 4.14% niezabezpieczone 16-01-2019 11 745
Bonds (in PLN) 50 000 3.48% niezabezpieczone 21-01-2019 49 669
Bonds (in EUR) 2 131 150 2.38% guarantee 01-04-2019 2 155 147
Mortgage bonds (in PLN) 80 000 3.05% mortgage bond register 21-06-2019 79 963
Mortgage bonds (in EUR) 213 115 0.95% mortgage bond register 15-10-2019 212 724
Mortgage bonds (in EUR) 127 869 2.75% mortgage bond register 28-07-2020 127 338
Mortgage bonds (in PLN) 2 131 150 2.00% guarantee 26-11-2021 2 116 927
Bonds (in EUR) 291 700 3.62% mortgage bond register 28-07-2022 294 906
Mortgage bonds (in PLN) 200 000 3.62% mortgage bond register 20-02-2023 202 017
Mortgage bonds (in PLN) 34 098 3.50% mortgage bond register 28-02-2029 34 407
Mortgage bonds (in EUR) 63 935 3.50% mortgage bond register 15-03-2029 64 564
Mortgage bonds (in EUR) 85 246 3.20% mortgage bond register 30-05-2029 85 223
Debt securities in issue (carrying value in PLN '000)         10 341 742
prev next

As at 31 December 2013

 

Debt securities in issue by category

Nominal value

Contractual
interest rate

Guarantee/collateral

Redemption
date

Carrying value
Short-term issues 498 200       502 188
Bonds (in PLN) 50 000 3.78% no collateral 07-01-2014 50 445
Bonds (in PLN) 30 000 3.73% no collateral 15-01-2014 30 238
Bonds (in PLN) 20 000 3.31% no collateral 06-02-2014 19 867
Deposit certificates (in PLN) 30 000 3.30% no collateral 21-02-2014 19 933
Bonds (in PLN) 9 900 3.20% no collateral 28-02-2014 9 849
Bonds (in PLN) 20 000 3.45% no collateral 12-03-2014 29 858
Bonds (in PLN) 1 600 3.60% no collateral 17-03-2014 1 576
Bonds (in PLN) 500 3.63% no collateral 15-04-2014 422
Bonds (in PLN) 15 000 3.58% no collateral 15-07-2014 15 111
Bonds (in PLN) 30 000 3.60% no collateral 06-10-2014 30 219
Mortgage bonds (in PLN) 25 000 4.05% mortgage bond register 28-04-2014 25 174
Bonds (in PLN) 177 000 4.11% mortgage bond register 28-07-2014 180 028
Bonds (in PLN) 89 200 3.94% mortgage bond register 28-11-2014 89 468

Debt securities in issue by category

Nominal value

Contractual
interest rate

Guarantee/collateral

Redemption
date

Carrying value
Long-term issues 4 888 773       4 899 868
Mortgage bonds (in PLN) 78 611 3.70% mortgage bond register 15-05-2015 78 875
Mortgage bonds (in PLN) 100 000 3.59% mortgage bond register 07-07-2015 101 613
Mortgage bonds (in PLN) 57 150 4.01% mortgage bonds publicly registered 28-07-2015 57 992
Mortgage bonds (in PLN) 100 000 4.07% mortgage bond register 28-09-2015 100 921
Bonds (in EUR) 2 073 600 2.75% guarantee 12-10-2015 2 080 773
Bonds (in PLN) 450 000 4.22% no collateral 23-11-2015 451 296
Mortgage bonds (in PLN) 77 000 3.88% mortgage bonds publicly registered 30-11-2015 77 155
Mortgage bonds (in PLN) 145 750 3.85% mortgage bond register 20-04-2016 146 515
Mortgage bonds (in PLN) 149 500 4.50% mortgage bonds publicly registered 28-09-2016 150 915
Mortgage bonds (in PLN) 31 000 4.40% mortgage bond register 15-11-2016 27 972
Mortgage bonds (in PLN) 172 750 4.00% mortgage bond register 20-04-2017 173 657
Mortgage bonds (in PLN) 150 000 3.68% mortgage bond register 16-06-2017 149 537
Mortgage bonds (in EUR) 41 472 2.24% mortgage bond register 19-10-2017 41 580
Mortgage bonds (in PLN) 98 900 4.39% mortgage bond register 15-06-2018 98 524
Bonds (in CHF) 675 660 2.50% guarantee 08-10-2018 676 227
Mortgage bonds (in EUR) 207 360 1.35% mortgage bond register 22-10-2018 207 085
Bonds (in CZK) 75 604 2.32% guarantee 06-12-2018 75 725
Mortgage bonds (in PLN) 80 000 3.70% mortgage bond register 21-06-2019 79 973
Mortgage bonds (in EUR) 124 416 2.75% mortgage bond register 28-07-2020 123 533
Debt securities in issue (carrying value in PLN '000)         5 402 056
prev next

The Group did not note any violations of contractual terms related to liabilities in respect of issued debt securities.

Issues in 2014

On 20 November 2014, mFinance France S.A. (mFF), a subsidiary of the Bank issued Eurobonds with a nominal value of EUR 500 000 thousand (PLN 2 107 750 thousand at the average exchange rate of the National Bank of Poland as at 20 November 2014) maturing in 2021. The funds coming from the issue in the amount of EUR 495 916 thousand (PLN 2 089 265 thousand at the average exchange rate of the National Bank of Poland as at 20 November 2014), were placed by mFF in mBank as a security deposit to back the guarantee issued by the Bank to secure payment of any amounts payable on debt securities issued under Eurobond Issue Programme.

On 24 March 2014, mFinance France S.A. issued Eurobonds with a nominal value of EUR 500 000 thousand (equivalent to PLN 2 099 500 at the average exchange rate of the National Bank of Poland as at 24 March 2014) maturing in 2019. On 1 April 2014, the funds raised from the issue in the amount of EUR 496 095, on the basis of the agreement concluded on 24 March 2014, were deposited in mBank S.A. by mFF as the security deposit for the guarantee of payment of all amounts to be paid in respect of the issued Eurobonds granted by mBank.

Issues in 2013

On 25 September 2013, mFinance France S.A. issued the next tranche of Eurobonds with a nominal value of CHF 200 000 thousand (PLN 685 500 thousand at the average exchange rate of the National Bank of Poland as at 25 September 2013) maturing on 8 October 2018. The settlement of the issue took place on 8 October 2013.

On 8 October 2013, on the basis of the agreement concluded on 25 September 2013, the funds coming from the issue in the amount of CHF 198 967 thousand (PLN 681 959 thousand at the average exchange rate of the National Bank of Poland as at 25 September 2013), were placed by mFF in mBank as a security deposit to back the guarantee issued by the Bank to secure payment of any amounts payable on debt securities issued under Eurobond Issue Programme.

On 22 November 2013, mFF issued the next tranche of Eurobonds with a nominal value of CZK 500 000 thousand (equivalent to PLN 77 100 at the average exchange rate of the National Bank of Poland as at 22 November 2013) maturing on 6 December 2018. The settlement of the issue took place on 6 December 2013.

On 6 December 2013, the funds raised from the issue in the amount of CZK 500 000 thousand, on the basis of the agreement concluded on 22 November 2013, were deposited by mFF in mBank S.A. as the security deposit to back the guarantee in amount of CZK 500 000 to secure the payment obligations from the Eurobonds.

Movements in debt securities in issue

 

 
  31.12.2014 31.12.2013
As at the beginning of the period 5 402 056 4 892 275
Additions (issue) 5 654 056 3 371 571
Disposals (redemption) (1 090 158) (3 141 380)
Disposals (partial repayment) (37 994) -
Exchange differences 195 375 25 682
Other changes 218 407 253 908
Debt securities in issue as at the end of the period 10 341 742 5 402 056
prev next

On 31 March 2014, the Bank made an early redemption of 650 bonds with a nominal value of PLN 65 000 thousand issued by mBank S.A. in November 2012 as part of the Bonds and Bank Securities Issue Programme.

As at 31 December 2014, the nominal value of receivables constituting collateral for the issue of mortgage covered bonds amounted to PLN 3 263 858 thousand (31 December 2013: PLN 2 404 717 thousand). According to legal requirements, the nominal value of mortgage covered bonds issued cannot exceed 60% of the value of the related real estate. At 31 December 2014, this amount in the register of collateral of mortgage bond amounted to PLN 2 653 030 thousand (31 December 2013: PLN 2 019 926 thousand). Both, as at 31 December 2014 and as at 31 December 2013, covered bonds were secured with receivables secured with mortgage entered as the first item in the land and mortgage register.

Additionally, as at 31 December 2014, the basis for the issue of mortgage bonds register were government bonds with a nominal value of PLN 160 000 thousand.

The value of receivables constituting collateral for the issue of public sector covered bonds amounted to PLN 421 805 thousand as at 31 December 2014 (31 December 2013: PLN 480 604 thousand).

Additionally, as at 31 December 2014, the basis for the issue of mortgage bonds publicly registered were government bonds with a nominal value of PLN 30 000 thousand.

Transactions regarding Bank’s bonds included in subordinated liabilities have been described under Note 31 below.